Bank of America Merrill Lynch slashes gold call to $1,150 and warns it could get uglier

In one of the first, if not the first, calls on gold GCG4 this year, Bank of America Merrill Lynch slashed its average 2014 forecast for the shiny stuff by 11% to $1,150 an ounce on Thursday, with a warning it could get even uglier.
Gold plunged 28% in 2013 to just above $1,200, snapping a 12-year annual winning streak and recording its worst annual performance in nearly three decades. Silver, which also didn’t escape the chop from Bank of America Merrill Lynch, suffered a 36% loss in 2013, its worst since at least the early 1980s. The investment bank cut its forecast for silver SIH4 by 21% to $18.38 an ounce……………………………..Full Article: Source